Hovde Group Boosts City (NASDAQ:CHCO) Price Target to $136.00

City (NASDAQ:CHCO - Get Free Report) had its price target hoisted by equities researchers at Hovde Group from $130.00 to $136.00 in a research note issued on Wednesday, Marketbeat reports. The firm currently has a "market perform" rating on the bank's stock. Hovde Group's price target indicates a potential upside of 6.53% from the company's previous close.

City Trading Down 1.8%

NASDAQ CHCO traded down $2.34 on Wednesday, reaching $127.66. The company had a trading volume of 87,244 shares, compared to its average volume of 171,705. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.81 and a quick ratio of 0.83. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 15.36 and a beta of 0.54. The business has a 50 day moving average of $121.82 and a two-hundred day moving average of $118.77. City has a fifty-two week low of $102.22 and a fifty-two week high of $137.28.

City (NASDAQ:CHCO - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $2.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.97 by $0.32. The company had revenue of $78.16 million for the quarter, compared to analysts' expectations of $76.10 million. City had a net margin of 31.35% and a return on equity of 16.30%. Analysts forecast that City will post 7.58 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Michael T. Quinlan, Jr. sold 1,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $131.12, for a total transaction of $131,120.00. Following the completion of the sale, the executive vice president directly owned 1,830 shares of the company's stock, valued at approximately $239,949.60. This trade represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO David L. Bumgarner sold 441 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $118.00, for a total transaction of $52,038.00. Following the sale, the chief financial officer owned 10,195 shares of the company's stock, valued at approximately $1,203,010. The trade was a 4.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,399 shares of company stock valued at $798,360. Insiders own 1.87% of the company's stock.

Institutional Investors Weigh In On City

Large investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. purchased a new position in City in the 2nd quarter valued at approximately $406,000. Inspire Investing LLC grew its position in City by 7.8% in the second quarter. Inspire Investing LLC now owns 3,167 shares of the bank's stock worth $388,000 after acquiring an additional 228 shares in the last quarter. KLP Kapitalforvaltning AS grew its position in City by 3.2% in the second quarter. KLP Kapitalforvaltning AS now owns 3,200 shares of the bank's stock worth $392,000 after acquiring an additional 100 shares in the last quarter. Carolina Wealth Advisors LLC grew its position in City by 2.3% in the second quarter. Carolina Wealth Advisors LLC now owns 46,209 shares of the bank's stock worth $5,657,000 after acquiring an additional 1,057 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its position in City by 8.3% during the second quarter. QRG Capital Management Inc. now owns 4,841 shares of the bank's stock valued at $593,000 after buying an additional 373 shares during the period. Hedge funds and other institutional investors own 72.43% of the company's stock.

City Company Profile

City Holding Company operates as a holding company for City National Bank of West Virginia that provides various banking, trust, and investment management, and other financial solutions in the United States. The company offers checking, savings, and money market accounts, as well as certificates of deposit and individual retirement accounts.